Vestar Development, in a joint venture with Rockwood Capital, agreed to acquire The District at Green Valley Ranch, a 384,107-sq.-ft. retail center outside of Las Vegas, from LNR Partners LLC for $79 million in an all-cash transaction. Richard Walter, president, Donald MacLellan, senior managing director, and Rob Moore, senior managing director with Faris Lee Investments, represented the seller in the transaction.
Phase I of The District was developed in 2004. It contains 212,622 sq. ft. of retail and office space and is 85 percent leased. Retailers at Phase I include REI, Pottery Barn, Anthropologie, Williams-Sonoma, Ann Taylor Loft, White House/Black Market, King’s Fish House and P.F. Chang’s.
Phase II of The District was developed in 2006. It contains 171,485 sq. ft. of office and retail space. Phase II is 82 percent leased, to tenants including Whole Foods, West Elm and The Cheesecake Factory.
“Now is a great time to invest in the Las Vegas retail real estate market, particularly in projects like this one,” said President of Vestar Development Rick Kuhle in a statement. “This center has recently struggled, but we are confident and excited about stabilizing it over the coming year. We’re very bullish about these types of value-added investment opportunities and are aggressively seeking more properties like it in Las Vegas and throughout the West.”
Urstadt Biddle Makes $17M Acquisition in Connecticut
Urstadt Biddle Properties Inc. purchased Fairfield Centre, a shopping center in Fairfield, Conn. for $17 million, excluding closing costs. The property was purchased free and clear of debt, with the acquisition being funded with a borrowing on Urstadt Biddle’s unsecured line of credit. The center was completed in 1995 and contains 63,300 sq. ft. of space. It is 100 percent leased to Marshall’s, CVS and Office Max.
Other Notable Deals
Cohen Financial secured a $3.125 million acquisition loan on behalf of a San Francisco Bay Area real estate investor for The Promenade Shopping Center in Emeryville, Calif. Symetra Life Insurance Co. provided the financing through its local mortgage correspondent, Newmark Realty Capital. Kenneth M. Fox, managing director with Cohen’s San Francisco office, negotiated the transaction.
Essex Realty Group Inc. sold 1914 W. Division, a mixed-use property in Chicago for approximately $1.65 million. The property contains 12,000 sq. ft. of commercial space and five apartment units. Doug Fisher and Jason Fishleder, of Essex Realty, negotiated this transaction.
Dawn BV LLC sold Liberty Towne Center, a 22,798-sq.-ft. center in West Chester, Ohio to a family trust for $1.3 million. The price works out to $57 per sq. ft. The center was 60 percent occupied at the time of sale, with tenants including Weight Watchers, Play it Again Sports and Jersey Mike’s. Rob W. Taylor Jr. and Mike Sullivan, of Cassidy Turley, represented the seller in the transaction.
Pine Tree Silverpeak Retail Partners LLC, a joint venture between Pine Tree Commercial Realty and Silverpeak Real Estate Partners, along with Privet Investments LLC acquired Hamilton Place Shopping Center, a 79,540-sq.-ft. grocery-anchored shopping center in Auburn, Ala. The buyers assumed existing financing on the property. Publix anchors the center. Pine Tree Commercial Realty will manage the property and will share leasing responsibilities with Ray Jones, of The Shopping Center Group.